JPMorgan Chase & Co. (NYSE:JPM) today announced its intention to build a new three-million square feet tower in London.

This transformative project would enable additional capacity for the firm to grow by creating a world-class workplace for up to 12,000 employees, further strengthening London’s position as a global financial hub. The plans are subject to a continuing positive business environment in the UK and the receipt of the necessary approvals and agreements at a national and local level.

Serving as the firm’s principal headquarters in the UK and its most significant presence in EMEA, the building would be situated on the Riverside development in Canary Wharf. The plans will provide employees and clients with a first-class working environment against a backdrop of uninterrupted views across the River Thames to central London.

The building is being designed by British architects, Foster + Partners, who also designed the firm’s iconic global headquarters at 270 Park Avenue in New York City. Its construction is expected to take six years and will begin as soon as necessary approvals and agreements are in place.

Canary Wharf Group is working as co-developer on the project, and the firm is being advised independently by Sir George Iacobescu.

In collaboration with Canary Wharf Group, plans include new public parkland surrounding the building, a redevelopment of the Canary Wharf dock, and improved access to the Riverside area of Canary Wharf. The building itself will provide exceptional collaboration spaces, and state of the art trading floors. It will support employees’ physical and emotional well-being with facilities including: terraces and roof-tops, wellness spaces, nursing rooms, restaurants and cafés, and ample bicycle parking spaces.

Jamie Dimon, Chairman & CEO of JPMorganChase, said:

“London has been a trading and financial hub for more than a thousand years, and maintaining it as a vibrant place for finance and business is critical to the health of the UK economy. This building will represent our lasting commitment to the city, the UK, our clients and our people. The UK government’s priority of economic growth has been a critical factor in helping us make this decision.”

While the building is constructed, JPMorganChase will also make interim upgrades to the interior of its existing building at 25 Bank Street.

JPMorganChase currently operates in London primarily from two main buildings that it owns: 25 Bank Street in Canary Wharf (for its Commercial & Investment Bank) and 60 Victoria Embankment in the City (for Asset & Wealth Management). It also leases space at One Cabot Square to accommodate its International Consumer Bank, including Chase UK, which continues to grow and now has over 2.6 million customers.

Once the Riverside development is complete, London-based employees will consolidate in the new building as well as the existing property at 60 Victoria Embankment, and the firm will consider its options for 25 Bank Street.

This news follows another recent investment announcement from the firm of up to £350 million (over $450 million) in its Bournemouth campus.